The European Investment Bank (EIB) has allocated €320m to finance water and waste water related initiatives across the continent.

Ireland will receive €200m of the funding, to be employed under the Water Services Investment Program (WISP).

The program envisages the development of new water mains, water and wastewater treatment facilities and reservoirs, as well as measures to improve water conservation in the capital city of Dublin besides 10 other counties.

Irish Minister for Environment, Community and Local Government Phil Hogan TD remarked that the funding will help the country improve its water conservation measures, improve drinking water quality and reduce risks of pollution.

The Bank has also concluded a €120m loan agreement with global water technology provider, Xylem.

Xylem will employ these funds towards research, development and innovation in the water and wastewater treatment spheres.

EIB Vice-President Jonathan Taylor noted, "With the financing that is now in place, Xylem will be able to enhance their knowledge and expertise in the field of water and wastewater handling technologies."

The funding will support Xylem's R&D initiatives in Sweden, Germany, Italy, the United Kingdom, Austria, Norway and Hungary.